Why accounts are opened in other people’s names Scammers may open a bank account fraudulently in someone else’s name to bounce checks or overdraw the account. Others may intend to use the ...
Reserve Bank of India on December 30 announced the introduction of beneficiary account name look-up facility for Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer ...
“It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using the tRTGS or NEFT system.
"It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system," it said.
Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the name of the beneficiary before initiating a transfer. "It has been decided ...